Rachel
2020-01-29 00:34老師，請問書本328頁第二題B答案， Although the annual spending cash flows are not riskless, a risk- free rate should be used to cal-culate the present value of the cash flows as their uncertainty is unrelated to market risk factors that would be priced in a normal asset pricing model, making their beta equal to zero這一段怎么理解？為什么用risk-free rate 就making their beta equal to zero？
所屬：CFA Level III > Private Wealth Management 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Chris Lan助教
2020-01-31 14:53
該回答已被題主采納
同學你好
core capital要使用risk free rate進行折現(xiàn)，因為這個折現(xiàn)率最小，折現(xiàn)出來的PV值最大，體現(xiàn)最保守原則。因為如果我假設獲得無風險收益，那無論市場怎么變化，我都獲得risk free rate，所以beta就等于0。
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